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PBBM signs Maharlika Investment Fund into law
Despite opposition from the general public, President Ferdinand Marcos Jr. signed the Maharlika Investment Fund into law on Tuesday, approving the establishment of the nation's first sovereign wealth fund. The government will use the MIF to store tax money in various investment vehicles to help finance priority initiatives under the new law, Republic Act 11954. The legislation creates the Maharlika Investment Corporation, which a board of directors will oversee. According to Department of Finance, the MIC will be governed by a Board of Directors with nine members chaired by Finance Secretary Benjamin Diokno. Other members include the Chief Executive Officer (CEO) of the MIC; the President and CEO of the Land Bank of the Philippines; the President and CEO of the Development Bank of the Philippines; two Regular Directors; and three Independent Directors from the private sector. Marcos, who spoke at the signing on Tuesday, said the MIF is a "bold step towards our country's economic transformation" post-pandemic and will be run with "financial, non-political" judgments. “The fund will fail if we do not make money on the fund. It’s that simple. But there are so many opportunities we cannot allow to slip by, and that is why we are putting (it) up,” Marcos added. Funding sources According to the measure's final copy, the Maharlika Investment Corp. would get at least P75 billion in paid-up capital this year. The Land Bank of the Philippines will provide P50 billion, while the Development Bank of the Philippines will contribute P25 billion. The P50 billion contribution from the national government comprises dividends from the Bangko Sentral ng Pilipinas. The central bank will be required to transfer all of its announced dividends to the fund for the first two years of its establishment. Following that, those dividends will be evenly divided, with 50 percent supporting Maharlika and 50 percent capitalizing the BSP. The government's 10 percent annual share over five years from the state-owned Philippine Gaming Corp. also contributed to the funding pool. According to Marcos, the government will leverage a small fraction of the "considerable but underutilized" investible funds through MIF and stimulate the economy "without the disadvantage of adding additional fiscal and debt burden." Marcos also said that those managing the fund must ensure that it is "well-run." "Let us make sure that these are professionals. Let us make sure that the decisions that are being made for the fund are not political decisions that they are financial decisions because that is what the fund is," Marcos said. Marcos believes that the fund can attract external financing, thereby relieving the government from relying solely on borrowing to finance infrastructure projects. A Social Weather Stations (SWS) survey conducted in March of this year showed that 51 percent of Filipinos anticipate little to no benefits from the MIF. Additionally, the survey found that 47 percent of respondents needed more awareness of the fund, compared to 33 percent with only a passing familiarity with it. This caused Diokno to say he was willing to take the hot seat and defend the proposed sovereign wealth fund to the general public. “I’m willing to be interviewed in-depth even for hours,” Diokno said in one of his weekly chats to the reporters. He added that “there’s so much distrust” from the public concerning the MIF, “but we can live with it.” The post PBBM signs Maharlika Investment Fund into law appeared first on Daily Tribune......»»
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